Custodian Property Incom... Share Discussion Threads

[spectoacc] 05/9/2024 07:36

Increasingly few quality small REITs left - wonder if CREI proving a home for BCPT money.

[marktime1231] 05/9/2024 00:32

Strong finish today, UT at 82p.

[petewy] 08/8/2024 16:09

MIDAS SHARE TIPS
The property investment trust going cheap and packing a 7.5% dividen .....

[nickrl] 08/8/2024 09:03

Steady as she goes NAV update although down a tad with office portfolio doing most damage. This one used to trade just above NAV and did often share placings pre covid so had no interest but their abortive API foray created a nice entry point for income purposes.

[hugepants] 01/7/2024 23:01

Custodian Property Income REIT plc

Interim dividend

Custodian Property Income REIT (LSE: CREI), which seeks to deliver an enhanced income return by investing in a diversified portfolio of smaller, regional properties with strong income characteristics across the UK, confirms its first quarterly interim dividend for the financial year ending 31 March 2025 of 1.5 pence per share, to be paid on 30 August 2024 to shareholders on the register on 12 July 2024, will be designated as a property income distribution (“PID”).

[riverman77] 28/6/2024 14:47

Mattioli recently bought out by Pollen, I wonder if CREI might also be snapped up. I believe Mattioli offer various internal property strategies for their clients - would make sense to bring CREI in-house.

[marktime1231] 28/6/2024 14:26

Yes a sizeable vote of confidence from Ian Mattioli the wealth manager and non-exec, investing for his own family rather than Mattioli Woods clients.

Hope this impels progress. All very well paying Edison to write positive research notes but nothing speaks louder than an informed investor making big buys.

[spectoacc] 28/6/2024 14:01

One director inc several family members, but reasonable overall. All bought on Wednesday.

[arbus5000] 28/6/2024 14:00

quite a few chunky directors buys

[nickrl] 13/6/2024 11:11

Quick scan of the results.

API endeavour has resulted in a 1.557m charge!

NRI was up c1.5m despite disposals (18m) which by the way have funded a pretty hefty capex activity (19m) so we need see some payback on that as voids are costing 2m pa currently. At least the inv mgt charge is reduced with the prop valuation drop so covers some of that.

Doubt this will ever get back to being able to issues shares at premia that it did regularly pre covid but divi level is good and covered. So if the big capex spend is done and with a few more disposals should be able to eliminate that expensive RCF (6.9%).

[hugepants] 13/6/2024 07:56

Final results.

[skyship] 12/6/2024 08:18

Indeed. Pretty bizare really - being able to get an 8.4% yield with an NAV discount now opened up to 24%.

Opened my a/c this morning at a smidgeon under 70.6p; that = 71p all in. That darned SD really stinks when buying in a pension fund.

[nickrl] 10/6/2024 23:28

@Sky topped up twice over last few weeks but another one that can't get a floor under it despite its good metrics.

[skyship] 10/6/2024 08:44

Getting tempted with the 8.33% prospective yield at 72p. Chart however suggests 70p inevitable; so finger still poised over the buy button...


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[skyship] 14/5/2024 07:59

nexux - thanks for clarification of the aborted API bid costs.

Not sure why the API costs should have been higher!

[spectoacc] 14/5/2024 07:13

Never been a regular holding, but IMO better managed than some.

Only argument I can give against is Opportunity Cost - there's higher yields (with more risk), and larger discounts, probably the latter the main argument.

Well down over 3, 5, and 10 years, but hardly uncommon for REITS (not inc reinvested divis, but even the NAV's lower over a decade).

Being down over a decade may be a Buy argument of course.

And will they attempt another merger soon..

[nexusltd] 13/5/2024 19:16

This is a relatively new investment, first acquiring a large position to equal weight my API holding (Ref: API#356) as a hedge in case the bid fell through. I’m still holding.

It has positioned its portfolio in a relatively sweet spot of high NIY assets by buying and managing many, 155, small properties, <10mn, 300+ tenants, and then driving value through asset management initiatives and selling into a receptive market for this size of asset. An approach not unlike Stenprop/Industrials where I made a lot of money; though evidently in a different property segment. The high’ish 6.5% topped-up EPRA NIY is an advantage now that ZIRP is done; providing, albeit, a small earnings enhancing margin over the cost of borrowing if it had to be re-financed today. As of FY24Q4, fixed term debt 140mn + RCF 39mn currently costing 4.1%. Fixed term debt weighted average term of 6.0 years @ 3.4%.

Regarding the costs of the failed API merger; 0.5m was reported in FY24Q3 and 0.9m reported in the recent FY24Q4 release. At last week’s Investor Meet presentation, I asked for clarification on this, and was told that the 1.4mn is pretty much it; a small final increment may be disclosed in FY25Q1. As Dr Biotech moots #374; it may be that the 5.9mn budget quoted in the merger proposal doc was the “look-through&#8221; post-merger total cost estimate including API’s.

Playing excellent defence more important than offence; so I ask the community if there are any negative issues I ought to be considering?

[skyship] 04/5/2024 16:44

Citywire figure totally wrong. API's costs exceeded £2m.

[dr biotech] 04/5/2024 16:38

Perhaps the 5.9m refers to expenses of the whole merged group, and would also include redundancy payments etc?

[spectoacc] 04/5/2024 14:26

CityWire, who get plenty wrong, reckon £900k:

[skyship] 04/5/2024 14:17

...and nothing to show for it!

[skyship] 04/5/2024 14:17

P7 of the Offer doc:

Estimate of the total expenses of the issue:

The total costs and expenses of, and incidental to, the Merger and Admission payable by the Company, are estimated to amount to approximately £5.9 million (excluding VAT).

[skyship] 04/5/2024 14:10

The Offer documentation and legals.

[nickrl] 02/5/2024 23:13

@sky thats outrageous i thought API's fees were bad enough. What on earth does all this money get spent on

[skyship] 02/5/2024 10:12

Declared a few weeks ago as £5.3m